SPEU vs. PBEU

Last updated Jun 24, 2026

SPEU (SPDR Portfolio Europe ETF) and PBEU (Portfolio Building Block European Banks Index ETF) are both exchange-traded funds - SPEU is a Europe Equities fund tracking the STOXX Europe Total Market Index, while PBEU is a Financials Equities fund tracking the BITA European Banks Index. Both are passively managed. Their correlation of 0.85 suggests significant overlap in exposure. SPEU charges 0.07%/yr vs 0.13%/yr for PBEU.

Performance

SPEU vs. PBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Europe ETF (SPEU) and Portfolio Building Block European Banks Index ETF (PBEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPEU achieves a 5.69% return, which is significantly lower than PBEU's 13.63% return.

SPEU

• 1D: -1.28%
• 1M: -0.38%
• YTD: 5.69%
• 6M: 5.86%
• 1Y: 18.69%
• 3Y*: 16.48%
• 5Y*: 8.37%
• 10Y*: 10.12%

PBEU

• 1D: -1.42%
• 1M: 7.22%
• YTD: 13.63%
• 6M: 14.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPEU vs. PBEU - Yearly Performance Comparison

	2026 (YTD)	2025
SPEU SPDR Portfolio Europe ETF	5.69%	7.23%
PBEU Portfolio Building Block European Banks Index ETF	13.63%	11.42%

Correlation

The correlation between SPEU and PBEU is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.85

Return for Risk

SPEU vs. PBEU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPEU

SPEU Risk / Return Rank: 34
SPEU Sharpe Ratio Rank: 34
SPEU Sortino Ratio Rank: 35
SPEU Omega Ratio Rank: 33
SPEU Calmar Ratio Rank: 32
SPEU Martin Ratio Rank: 38

PBEU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPEU vs. PBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Europe ETF (SPEU) and Portfolio Building Block European Banks Index ETF (PBEU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPEU	PBEU	Difference
Sharpe ratio: Return per unit of total volatility	1.19	—	—
Sortino ratio: Return per unit of downside risk	1.75	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	1.55	—	—
Martin ratio: Return relative to average drawdown	5.68	—	—

Drawdowns

SPEU vs. PBEU - Drawdown Comparison

The maximum SPEU drawdown since its inception was -62.45%, which is greater than PBEU's maximum drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for SPEU and PBEU.

Drawdown Indicators

	SPEU	PBEU	Difference
Max Drawdown Largest peak-to-trough decline	-62.45%	-17.26%	-45.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.83%	—	—
Current Drawdown Current decline from peak	-2.23%	-1.42%	-0.81%
Average Drawdown Average peak-to-trough decline	-13.82%	-3.94%	-9.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	—	—

Volatility

Volatility by Period

	SPEU	PBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.42%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.82%	27.63%	-11.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.58%	27.63%	-10.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	27.63%	-9.44%

SPEU vs. PBEU - Expense Ratio Comparison

SPEU has a 0.07% expense ratio, which is lower than PBEU's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPEU vs. PBEU - Dividend Comparison

SPEU's dividend yield for the trailing twelve months is around 3.50%, more than PBEU's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBEU Portfolio Building Block European Banks Index ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPEU SPDR Portfolio Europe ETF	3.50%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Frequently Asked Questions

Can I hold both SPEU and PBEU in my portfolio?

SPEU and PBEU have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPEU or PBEU?

On fees, SPEU is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPEU or PBEU?

SPEU is cheaper with a 0.07% expense ratio, compared with 0.13% for PBEU.

Which ETF pays a higher dividend yield, SPEU or PBEU?

SPEU has the higher dividend yield at 3.50%, compared with 0.01% for PBEU.

What is the main difference between SPEU and PBEU?

SPEU is categorized as Europe Equities, while PBEU is Financials Equities. SPEU tracks STOXX Europe Total Market Index, while PBEU tracks BITA European Banks Index. They also come from different issuers: State Street and Portfolio Building Block. Their fees differ too: 0.07% for SPEU and 0.13% for PBEU.